News SouthPark’s Three South Executive Park sells for $8.5 million

Mar 10, 2015
Three South Executive Park
Three South Executive Park

CHARLOTTE, NC – Trinity Partners is pleased to announce the sale of SouthPark’s Three South Executive Park. The 54,000 SF building was purchased by an affiliate of Chicago-based Origin Capital Partners for $8.5 million. This is Origin’s second acquisition in Charlotte after their purchase of Cambridge Corporate Center in August 2014.

“We have been talking with the Origin team for quite some time about their interest in Charlotte,” commented Dunn Mileham, Trinity Partners’ Director of Investment Sales. “They have gotten up to speed on our market very quickly, and recognized SouthPark as a premier investment submarket. The opportunity to add Three South Executive Park to their portfolio was very appealing to them.”

Mileham represented the seller, a private partnership, in the transaction. Dave Welk, Origin’s Director of Acquisitions, handled the acquisition on their behalf. The building’s recent leasing activity and improving capital markets presented an opportune time for the prior ownership to market the property for sale.

The Class-A building, located at 6115 Park South Drive and leased and managed by Trinity Partners, is 86% occupied. Tenants include Signature Healthcare, Carolinas ACG, and Wyndham Capital Mortgage. In late 2014, Wyndham (a tenant since 2009) renewed its full floor lease (represented by Cherry and Associates’ Ben Speir). United Heartland, also a tenant since 2009, extended its lease, represented by DTZ’s Vern Anderson. Most recently, AGDATA leased 5,335 SF represented by Bryan White of JLL, expanding their SouthPark presence. Trinity Partners’ Senior Leasing Agent Leah Bailey, SIOR, has leased the building for the past 10 years.

“We are thrilled to have AGDATA as our newest tenant in Three South Executive Park,” said Bailey. “This quality asset and tightening submarket has created a lot of momentum. We’re looking forward to working with Origin and the building as it will certainly maintain a strong level of interest.”

Trinity Partners will retain leasing and management on behalf of Origin.

About Origin Capital Partners

Chicago-based Origin Capital is a real estate investment manager that acquires commercial assets on behalf of its principals and investment partners. The firm has offices in Chicago, Atlanta and Dallas. To further establish its presence within the highly targeted Southeast region, Origin will open an office in Charlotte. To date, the principals remain the firm’s largest investor group, investing alongside their partners to ensure a substantial alignment of interests. The firm’s institutionally-trained investment professionals have over 90 years of industry experience and have executed over $3 billion in real estate transactions.